Hawaii’s econmic woes expected to widen and recovery will take around 1- 3 years according to Mark Bratton. Governor Ige continues to push back the program to allow passengers with pre-arrival tests to by-pass the 14 day quarantine. The question remains the length of recovery time because the Hawaii brand for tourist still remains strong however the Hotel industry continues to struggle during these uncertain times.
Mark Bratton, senior vice president of Colliers International, said many of Hawaii’s largest and best-known hotels and resorts also are struggling. As many as three properties with large commercial mortgage-backed securities (CMBS) loans have gone to special services and another six have been placed on the watch list, Bratton said.
“At this time last year, there weren’t any CMBS loans on the list,” Bratton said. “But I don’t think we’ll see dozens and dozens of hotels going to lenders for foreclosure. We all believe there’ll be a lot of demand for the Hawaii brand when we can get back to full status.”
The question is just how long is recovery going to take? Bratton said when the pandemic first started the industry thought recovery would take one to three months. Now it’s looking more like one to three years.